Russia’s oil export earnings almost halved in June – Kommersant

The export of oil and oil products from Russia in June fell by 600 thousand barrels per day compared to May, to 7.3 million, according to a new report International Energy Agency (IEA). This is the lowest rate since March 2021. Estimated export earnings almost halved year-on-year to $11.8 billion.

Oil exports in June decreased by 0.5 million barrels per day compared to May, to 4.7 million, oil products – by 0.1 million, to 2.6 million. According to the IEA, this is due to the completion of the overhaul of oil refineries and the transition of a number of deposits for summer maintenance. Exports decreased to India, China and Turkey and increased to countries that are included in the “other destinations” category (the countries of the former USSR, the UAE, Saudi Arabia and Cuba).

Oil production in June remained at the level of 9.45 million barrels per day. It is noted that the decline in exports was offset by the volume of processing in the domestic market. The IEA suggests that while Russia has pledged an additional 500,000 barrels per day (bpd) of export cuts from August, it may keep production flat due to a seasonal rise in domestic oil demand.

Oil and gas revenues of Russia in January-June almost halved, to 3.38 trillion rubles, informed formerly Ministry of Finance. The agency explains this by the high base of last year, the decline in prices for Urals oil and the reduction in gas exports. At the same time, non-oil and gas revenues increased by 17.8%.

About the reduction of oil exports by Russia – in the material “Kommersant” “Where I got it, it came in handy there”.

Leonid Uvarchev